Innovation key in grasping mainland opportunities

Deloitte says Hong Kong must build on its traditional strengths in finance while speeding up innovation-driven growth to capture opportunities from the nation’s high-level opening-up.

The integrated professional services firm said this in highlighting strategic recommendations for Hong Kong’s first ever five-year plan and the upcoming Policy Address.

The policy recommendations focus on four areas: the Northern Metropolis, innovation and technology, international financial centre development and regional cooperation.

As Hong Kong formulates its five-year plan, this year's Policy Address is poised to align with the development blueprint and inject fresh momentum into economic and social development.

“As Hong Kong stands at a pivotal moment of transformation and innovation, it must consolidate its traditional strengths in finance while accelerating innovation driven growth to capture opportunities from the nation’s high-level opening-up and enhance long-term competitiveness,” Deloitte China southern region managing partner Edward Au said.

As the world's largest cross-border wealth management centre, Hong Kong manages more than HK$35 trillion in assets while the number of single family offices has grown by 25 percent in the past two years.

To build on this advantage, Deloitte recommends supporting the deeper integration of family offices in the local economy and society.

Au believes that Hong Kong is taking a lead in the region in terms of setting up family offices to support high-level individuals or families.

With its different incentives and policies, Au said the SAR can actually further drive the momentum on family offices, various policies, and also move the city from an IPO centre to a market that connects different high-growth companies in Asia to Hong Kong as well as different investors.

"I think Hong Kong should continue to collaborate with other Asean countries in order to consolidate its position as a super connector in terms of different advantages, like commercial markets, financial markets," Au added.

Edited by Aaron Tam ...